New Delhi: Goldman Sachs is gearing up for another round of job cuts in 2025 as it reorganizes its business to put artificial intelligence at the core of its operations. Under its new “OneGS 3.0” strategy, the global investment bank plans to streamline costs, improve efficiency, and strengthen its focus on technology-driven growth, Bloomberg reported.
More Job Cuts Ahead
In an internal memo cited by Bloomberg, Goldman Sachs informed employees that it plans a “limited reduction in roles across the firm” and will slow down hiring for the rest of the year. The next phase of layoffs is expected in 2025.
As of September, the bank had around 48,300 employees — about 1,800 more than a year ago. Despite the upcoming job cuts, Goldman Sachs still expects to end the year with a net increase in staff, as hiring continues in key growth areas.
Goldman Sachs Bets on AI Amid Upcoming Layoffs
Goldman Sachs’ new “OneGS 3.0” strategy aims to improve efficiency and drive long-term growth by integrating AI across the bank’s operations. According to an internal note, AI will be used in areas like client onboarding, lending, regulatory reporting, and vendor management.
The memo, signed by CEO David Solomon, President John Waldron, and CFO Denis Coleman, emphasized that while the bank is still in the early stages of AI adoption, the technology is set to transform how Goldman Sachs operates.
Past Layoffs and the Shift Toward AI
Goldman Sachs has already carried out several rounds of job cuts over the past year. Earlier in 2024, the bank reduced around 700 roles during its annual workforce review. While some teams have shrunk, others continue to expand to support new business initiatives and technology adoption.